PMI RISK MANAGEMENT

Risk management is the identification, evaluation, and prioritisation of risks followed by coordinated and economical application of resources to minimise, monitor, and control the probability or impact of unfortunate events or to maximise the realisation of opportunities.


WHO SHOULD ATTEND

1. Project workers

2. project managers

3. risk officers

4. management students seeking or not PMI certification


SYNOPSIS

In the Planning Risk Management section of this program on the project risk management knowledge area, we're going to learn about how to plan for risks on a project to make sure that when negative things do happen, we're ready for them.

The Identifying Risk covers the inputs you need to look at in order to identify risks; and how to use several techniques, such as Data Analysis methods, like SWOT Analysis, and Assumption, and Constraint Analysis, to help you develop an effective risk register.

In the Analysing Risk section, we'll examine the two risk analysis processes of the project risk management knowledge area, namely, perform qualitative risk analysis and perform quantitative risk analysis.

The Responding to Risk covers the final three processes in the project risk management knowledge area. Plan risk responses, implement risk responses and monitor risks. You'll learn about some common risk response strategies and how to monitor and control risks as they occur.

COURSE OUTLINE

(THIS IS A 4 DAYs TRAINING PROGrAMME)

DAY 1

1. INTRODUCTION TO RISK MANAGEMENT

Project Management Process Group and Knowledge Area Mapping Project Risk Management Overview

The Risk Management Certification Program


2. PLANNING RISK MANAGEMENT

Plan Risk Management: Inputs, Tools & Techniques, and Outputs Understanding Project Risk

Types of Project Risks

Reducing the Uncertainty of Risk

Understanding Risk Responses

Plan Risk Management: Data Flow Diagram

Inputs to Plan Risk Management

Tools and Techniques to Plan Risk Management

The Risk Management Plan

Sample Risk Management Plan

Sample Risk Breakdown Structure (RBS)

The Risk Probability and Impact Matrix

Example of Definitions for Probability and Impacts

Example Probability and Impact Matrix with Scoring Scheme Exercise: Planning Risk Management (1)

Exercise: Planning Risk Management (2)

Course project (optional)


DAY 2

3. IDENTIFYING RISK

Identify Risks: Inputs, Tools & Techniques, and Outputs Identify Risks: Data Flow Diagram

Inputs to Identify Risks

Document Analysis

Brainstorming to Gather Data

Using Interviewing to Identify Risks

Using Root Cause Analysis to Identify Risks Using SWOT Analysis to Identify Risks Using Assumption and Constraint Analysis

Using Checklists to Identify Risks

Outputs of Identify Risks

Exercises - Identifying Risk (1)

Exercises - Identifying Risk (2)

Course Project (optional)


4. ANALYSING RISK

Perform Qualitative Risk Analysis: Inputs, Tools & Techniques, and Outputs Perform Qualitative Risk Analysis: Data Flow Diagram

Inputs to Perform Qualitative Risk Analysis

Qualitative Risk Analysis Tools and Techniques

Risk Probability and Impact Assessment

Outputs of Perform Qualitative Risk Analysis

Perform Quantitative Risk Analysis: Inputs, Tools & Techniques, and Outputs Perform Quantitative Risk Analysis: Data Flow Diagram

Inputs to Perform Quantitative Risk Analysis Gathering Quantitative Risk Data

Representing Uncertainty

Example S-Curve from Quantitative Cost Risk Analysis Sensitivity Analysis for Quantitative Data

Example Tornado Diagram Decision Tree Analysis Simulations

Example Decision Tree

Risk Report Updates

Exercise - Analysing Risk Data (1) Exercise - Analysing Risk Data (2) Course Project (optional)


DAY 3

5. RESPONDING TO RISK

Plan Risk Responses: Inputs, Tools & Techniques, and Outputs Plan Risk Responses: Data Flow Diagram

Inputs to Plan Risk Responses

Strategies for Negative Risks or Threats

Strategies for Positive Risks or Opportunities

Contingency Planning

Outputs of Plan Risk Responses

Implement Risk Responses: Inputs, Tools & Techniques, and Outputs Implement Risk Responses: Data Flow Diagram

The Implement Risk Responses Process

Monitor Risks: Inputs, Tools & Techniques, and Outputs Monitor Risks: Data Flow Diagram

Inputs to Monitor Risks

Risk Audits

Data Analysis for Monitoring Risks

Determining Appropriate Risk Responses

Outputs of Monitor Risks

Exercise - Planning and Responding to Risks (1) Exercise - Planning and Responding to Risks (2) Course Project (optional)


DAY 4

6. PROJECT MANAGEMENT PROFESSIONAL CERTIFICATION PROGRAM (PMI - PMP) (PMBOK7)

PMBOK7 Structure Principles

Stewardship Team Stakeholders Value

Systems thinking Leadership Tailoring

Quality

Navigate complexity

Risk

Adaptability

Change

Performance domains

Stakeholder

Team

Development approach and life cycle Planning

Project work

Delivery

Measurement

Uncertainty


OBJECTIVES (OR WHAT YOU'LL LEARN)

1. Define what is meant by project risk

2. Recognise examples of project risk

3. Identify the three risk factors needed to reduce uncertainty

4. Recognise examples of common risk responses

5. Match the inputs to planning risk management with the information they provide

6. Identify the tools and techniques used for the Plan Risk Management process

7. Identify sections you should include in a risk management plan

8. Match elements of the risk management plan with examples

9. Distinguish between the three risk ratings in an ordinal scale

10. Demonstrate your understanding of the Plan Risk Management process

11. Identify the inputs to the Identify Risks process

12. Identify activities that should be part of a document analysis to identify project risks

13. Identify guidelines for conducting a brainstorming session to identify project risks

14. Recognise when interviewing is a good method for gathering risk information

15. Match types of causes of project risk with examples

16. Categorise items that would be used to perform a SWOT analysis

17. Identify the questions that would be asked during an assumption and constraint analysis

18. Identify two documents you may gather information from when using checklists to identify risks

19. Identify the outputs of the Identify Risks process

20. Demonstrate your understanding of the Identify Risks project management process

21. Recognise the inputs you use to perform qualitative risk analysis

22. Identify the tools and techniques you can use for the Perform Qualitative Risk Analysis process

23. Prioritise risks based on given probability and impact ratings

24. Recognise project documents that may need to be updated as a result of qualitative risk analysis

25. Recognise the inputs to the Perform Quantitative Risk Analysis process

26. Recognise examples of information you should gather about risks during an interview

27. Identify the four common types of continuous distribution

28. Identify the purpose of sensitivity analysis

29. Calculate the expected monetary value of a risk

30. Describe how to interpret a cost risk simulation graph

31. Identify the sections of the risk report you typically update as a result of the Perform Quantitative Risk Analysis process

32. Demonstrate your understanding of how to perform qualitative and quantitative risk analysis for your project

33. Identify the inputs to the Plan Risk Responses process

34. Identify strategies for responding to negative risks

35. Recognise examples of using contingent response strategy

36. Recognise the outputs of the Plan Risk Responses process

37. Recognise the purpose of the Implement Risk Responses process

38. Identify the inputs to the Monitor Risks process

39. Recognise examples of risk audit outcomes

40. Distinguish between technical performance analysis and reserve analysis measurement criteria

41. Recognise appropriate risk response strategies

42. Recognise the outputs of the Monitor Risks process

43. Demonstrate your understanding of the Plan Risk Responses, Implement Risk, Responses, and Monitor Risk processes

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